The Portuguese authorities are reportedly planning to take action against social media influencers offering advice on crypto-related investments. The plans are discussed following an online petition signed by thousands of Portuguese.
A crypto youtuber already in the authority loop
According to Expresso, the Portuguese judicial police Policía Judiciária “analyzes” whether domestic crypto Youtubers are committing illegal activities with their content. In fact, the authorities are trying to target those who indirectly advertise crypto scams, such as fake giveaways.
However, a source told the local media company that an investigation is not ongoing as they are first trying to assess the extent of the matter:
I’m not sure what kind of illegality there is. We’re trying to understand the case better. But I remember buying bitcoins in and of itself is not a crime.
According to Expresso, the police have already investigated a number of allegations against a YouTuber who confessed to having committed misconduct. However, he promised to reimburse his followers for the money requested for the videos.
Fraud especially hurts younger people, says the petition
According to the online petition posted on Petiçao Publica and signed at the time of going to press on 14,299, the author claims that there are massive, quick-rich systems out there that include cryptocurrencies, forex, sports betting and stock investments.
The post is as follows:
These types of programs, which are increasingly common in our country, have some aspects in common that are easy to identify, such as: B. the high attractiveness with the promise to get rich quick and usually practiced by influencers who use their influence and / or exhibit luxury. In addition, the clear subsequent sale of courses and / or the use of the affiliate system and through this system the promotion of brokers with enormous leverage, which allow a dishonest enrichment of these fraudsters at the expense of enormous losses on the part of the fraudsters.
At the end of the petition, the author urges the authorities to take serious action against the “new and modern fraudsters”. The post also states that such scams mainly hurt younger people.
What do you think of this online petition launched in Portugal? Let us know in the comments below.
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